Theories of Money

Nel paese ove sarebbe in costruzione l'economia socialista non solo dunque esistono i rubli, coi quali il salario dei lavoratori viene pagato, ma esiste anche il risparmio sul salario, il deposito di esso nelle casse statali o nelle banche, la possibilità di investire l'accumulato risparmio in titoli fruttifero, da cui ogni sei mesi la salda mano dell'operaio, come quella delle vecchie signore che si affollano nei saloni delle banche, taglierà esitante la "cedola" dell'interesse, il borghesissimo "coupon". E con tutto ciò esiste del pari il pieno diritto di negoziare i titoli, venderli e comprarli, accumulare in quantità illimitata, e passare da stakhanovista a fannullonissimo "rentier".

Былины — русские эпические песни — представляют собой достаточно однородный корпус текстов, претендующих на отобра жение хронологически отдаленной исторической реальности, записанных преимущественно на Русском Севере
в XVIII—XIX веках. Содержание былин и время их записи неоднократно побуждали исследователей дискутировать о происхождении русского эпоса: создавался ли этот жанр в городском пространстве средневекового города или же это продукт творчества «социальных низов» — крестьян?
Напрямую проводить параллели между реальными экономическими отношениями русского Средневековья и их отображением в былинах некорректно, однако уместно говорить, во-первых, о том, как организуется экономическое пространство русского эпоса и насколько это совпадает с экономическими терминами, используемыми в письменных источниках — летописях и торговых договорах; и, во-вторых, какие представления об экономических отношениях существуют
у носителей эпического жанра. В отличие от мифологических рассказов, где деньги и денежные отношения связаны с представлениями об «ином» мире, эпос с его денежной лексикой ориентирован, с одной стороны, на воспроизведение реальных товарно-денежных отношений, существующих в среде носителей этого жанра — крестьян — и, с другой стороны, на моделирование экономической
ситуации идеального прошлого (князь расплачивается с дружиной; наделы, получаемые героем в награду).

Regarding money, the theme of belief is usually formulated in terms of belief in money. The same is true of trust, as well the value of money. One should also raise the question of trust, belief and value through money, or given its presence. This suggestion is inspired by the philosophy of Gilbert Simon-don, whose theory of psychic and collective individuation aims at overcoming the dichotomy between methodological individualism and a sociology of vast categories. Simondon's theory has three aspects that could inform the research on money. Firstly, the philosopher raises the question of how groups are constituted: they subsist by the same process that gives birth to individual personalities. A group is defined by the categories it mobilizes, and most importantly, that it produces while constituting itself. Secondly, Simondon underscores the inventive aspect of this emergence of groups, an invention analogous to technical invention, one that redraws the potentials at work in the collective: it can be those of the territory, of the bodies, or of the minds. This inventive character prolongs these potentials as structures, and this is what the collective is all about. Finally, Simondon develops a theory of the "image cycle" that can help us understand the continuity between this indefinite and infinite field of potentials, the typical categorization of groups, and the formation of images and objects (technical, sacred, aesthetic), which crystalize desires, beliefs and hopes of individuals as members of groups. These aspects clarify our wish to alter the way the questions regarding money are enounced, as well as that of the affects it mobilizes and informs. Since money manifests itself in its operation, as image or object, it can be considered to stem from the simondonian image cycle, giving sense to groups and mobilizing potentials, desires and beliefs. We explore and explicit the differences implied by this approach, underscoring Simondon's contributions to social thought. Money is a privileged object for the application of Simondon's thought, because of its plasticity, the vastness of the domains in which it operates, and the magnitude of forces it mobilizes.

La moneta è onnipresente nella vita moderna, ma la produzione di moneta è ancora soggetta ad alcuna valutazione morale. Questo gap riguarda soprattutto gli aspetti morali delle moderne istituzioni monetarie, in particolare le banche, le banche centrali e la moneta immateriale. Il presente lavoro colma la lacuna mediante un'analisi interdisciplinare che coinvolge la politica economica, la filosofia realista e la dottrina morale cattolica. Nell'ultima parte, inoltre, sono tracciate le linee evolutive della storia monetaria occidentale a partire dal xvII secolo. Il volume si conclude con un accorato appello rivolto all'esigenza di un'urgente riforma monetaria globale.

This chapter explores the work of artists who use various forms of money as media of creative expression and contestation. It advances the idea that we understand money as a medium of imagination: a means to comprehend and act within the webs of cooperation that make up the world. However, today's particular forms of financialized, capitalist money allow us to do so only within a strict set of constraints that orient the imagination and social action towards the reproduction of capital(ism). This helps explain the sorts of tensions and opportunities for money-art, but also the dangers and pitfalls. Without accompanying material transformations, symbolic and aesthetic strategies fall short.

The definition, evolution, forms, functions and measurement of money are best understood when mapped to the circular flow of goods and services, as seen in this 3rd part of the 1st unit of the UNISA Monetary Finance (ECS3701) course.
[Mishkin, S.F. The Economics of Money, Banking and Financial Markets, 2012 10th ed]

he article discusses the book "Debt: The First 5000 Years," by David Graeber, in relation to the Rolling Jubilee debt repayment project by the organization Strike Debt, which stemmed from the Occupy Wall Street (OWS) social movement. Other topics include Graeber's anarchist views in relation to Marxist politics,

"When I Wear My Alligator Boots examines how the lives of dispossessed men and women are affected by the rise of narcotrafficking along the U.S.-Mexico border. In particular, the book explores a crucial tension at the heart of the “war on drugs”: despite the violence and suffering brought on by drug cartels, for the rural poor in Mexico’s north, narcotrafficking offers one of the few paths to upward mobility and is a powerful source of cultural meanings and local prestige.

In the borderlands, traces of the drug trade are everywhere: from gang violence in cities to drug addiction in rural villages, from the vibrant folklore popularized in the narco-corridos of Norteña music to the icon of Jesús Malverde, the “patron saint” of narcos, tucked beneath the shirts of local people. In When I Wear My Alligator Boots, the author explores the everyday reality of the drug trade by living alongside its low-level workers, who live at the edges of the violence generated by the militarization of the war on drugs. Rather than telling the story of the powerful cartel leaders, the book focuses on the women who occasionally make their sandwiches, the low-level businessmen who launder their money, the addicts who consume their products, the mules who carry their money and drugs across borders, and the men and women who serve out prison sentences when their bosses' operations go awry."

Pegando no comentário de Marx a Shakespeare em The Power of Money (1844), encontramos um quadro teórico do materialismo histórico/económico onde se percebe qual é a materialidade de um objecto, no sentido estrito; porém, não se percebe tão bem qual é a materialidade de uma abstracção transformada em objecto, como é o caso dos conceitos de dinheiro ou de dívida, já que não se sabe ao certo onde encontrar o princípio e o fim de tais abstracções. No presente ensaio, pretendendo ultrapassar este espectro de Marx, e salientar também como alguns modelos de análise económica contemporâneos (David Shelll e Mark Graeber, p.ex)  são mais adequados à interpretação de Shakespeare, sempre com Timão de Atenas como corpo principal da análise textual a que recorro, irei demonstrar que (1) a relação económica é uma relação humana (2) Shakespeare comenta relações humanas e não atribui significativo juízo de valor ao dinheiro e (3) dinheiro é meio, não é fim.

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I propose an objective definition of money through a biological definition of cooperation, as opposed to altruism. I argue that these types of sociality are confused because they are not evaluated from a situated perspective of animal interactions. The theory of reciprocal altruism does not correctly model the human exchange of goods and services. These constructive economic interactions require the ability to choose partners based on individual preferences. On the other hand, altruism presupposes partnership under a common standard of value. Therefore, the nature and evolution of money cannot be explained by conceptualising it as a token of altruism or as a form of credit. Rather, money is a transferable signal that enables cooperative interactions between distant or unrelated individuals. This behavioural definition similarly proposes an understanding of morality and human society as strategies of indirect reciprocity in the context of game theory.

I contend that current discussions on what the pandemic has taught us about monetary and fiscal policy are myopic. It is the purpose of this chapter to broaden the political economy horizon so that we might think anew about pathways through the crisis and perhaps a new fiscal and
monetary order. Part of doing so is understanding that capitalism was not born in a void but in unequal power relations and a massive social  transformation that benefited and, arguably continues to benefit, the few.

Tüm dünyayı etkisi altına alan Covid-19 virüsünün olumsuz ekonomik etkilerine karşı, birçok ülke ekonomik önlemler almıştır. Bu tedbirler temel olarak, üretimden kaynaklı bir düşüşün ortaya çıkaracağı vahim durumu önlemeye yöneliktir. Bu ülkeler, ekonomideki harcama kanalını destekleyerek bahsi geçen durumu minimize etmeye çalışmaktadırlar. İşsiz kalanların desteklenmesi, finansal piyasalardaki likidite sıkışıklıklarının giderilmesi ve üretim zincirlerinde ortaya çıkacak finansal sorunların giderilmesi için ekonomik paketler açıklanmıştır. Vatandaşlar açısından, devletin nasıl kaynak bulduğu ve bu büyük harcamaları nasıl yaptığı konusu açık değildir. Aynı zamanda bu konu ekonomik literatürde de somut olarak ortaya konulmamıştır. Ne ekonomi kitapları ne de gazeteler, devletin nasıl kaynak bulduğunu ve bu büyük harcamaları nasıl yaptığını açıklayamamaktadır. Bu çalışmada, paranın nasıl yaratıldığı anlatılacak, ana akım teorinin paranın nasıl yaratıldığına ilişkin hataları ortaya konulacak ve krize karşı ülkelerin bu büyük ekonomik harcamaları nasıl yaptıkları açıklanacaktır.

There has been a lot of uncertainty surrounding the sustainability of the Bitcoin network, with this fascinating nascent technology facing several claims that it is highly unsustainable from a social, economic and environmental point of view. This paper aims to disprove or support these claims about the sustainability of the Bitcoin network, and provide an order-of-magnitude comparison of the relative sustainability of Bitcoin when compared with the incumbent banking industry, the gold production industry, and the process of printing and minting of physical currency.

Widely available public information strongly refutes claims that Bitcoin is unsustainable, and shows that the social, environmental and economic impacts are a minuscule fraction of the impacts that the legacy wealth and monetary systems have on our society and environment.

This essay discusses Locke’s philosophy of money formulated in the midst of the crisis of English coin caused by the radical depletion of silver during the Nine Years’ War (1688-1697). Rampant clipping had reduced the average weight of coins by 50% but Locke resisted the solution of devaluing the currency and instead defended the sanctity of the existing monetary standard. To explain Locke’s commitment I consider his political position and his philosophy of language. Locke emerges as a defender of intersubjective agreements even where discretion exists for changing the meaning of terms like money; specifically he insists on the independent measure or rule for regulating exchange, in this case silver by weight (not its stamp or denomination).

Questo lavoro si vuole, innanzitutto, come un’esplorazione delle origini storiche, sociali, e macroeconomiche della moneta; un’incredibile tecnologia sociale, che, dalla sua apparizione nelle società arcaiche fino alla moderna moneta bancaria, va assimilata per il suo costante carattere contabile, utile alla definizione di debiti e crediti reciproci. Il fine di quest’ampia esplorazione è quello di concettualizzare un completo e rigoroso quadro teorico-concettuale, che ci permetterà, in un secondo tempo e una volta chiarito il ruolo oggettivo e centrale che la moneta riveste nel contesto di un’economia monetaria di produzione, di apportare un’analisi originale e macro-monetaria di concetti apparentemente moderni (e certamente in voga) quali le criptovalute e la blockchain. Dei concetti e una tecnologia definiti da più parti come intrinsecamente inerenti alla moneta e ai mezzi di pagamento – ma che, vedremo in realtà essere costruiti su delle “reliquie monetarie”. Questi strumenti – allo stadio attuale – non hanno alcun legame con la concezione di moneta che difendiamo; e che prendiamo a prestito dalla scuola di pensiero post-keynesiana e dalla macroeconomia quantica. Alla luce delle teorie presentate e delle nostre riflessioni, potremo affermare in modo certo che bitcoin, così come le varie criptovalute costruite a sua immagine e somiglianza, sono profondamente estranee all’idea e al concetto stesso di moneta. Al contrario della moneta – smaterializzata fin dalle società arcaiche – queste criptovalute, sebbene virtuali, portano con sé i chiari segni della teoria monetaria metallista e della problematica concezione fisica attribuita alla moneta dalla teoria neoclassica. Criptovalute, che noi considereremo così unicamente alla pari di strumenti finanziari (ad alto rischio), e senza valore soggiacente. In conclusione, vedremo però come la tecnologia blockchain, se (in parte) ripensata e utilizzata correttamente (seguendo la vera natura della moneta), potrebbe avere delle effettive e interessanti applicazioni anche in campo monetario. Ad esempio, potrebbe servire a veicolare una vera moneta, garante del regolamento finale dei pagamenti internazionali. Una moneta di regolamento internazionale che rappresenterebbe così un primo passo nella direzione della necessaria riduzione dei disfunzionamenti monetari sul piano globale.

The now-popular “cash diet” hails that paying in cash is more painful psychologically than via dematerialized money (e.g., credit cards), which in turn helps citizens save more. Paradoxically, we show cash can sometimes backfire (compared to dematerialized money) and cause consumers to save less and/or forego lucrative investment opportunities.

Cos'è la moneta? Essa può essere scarsa?
Cosa fanno le banche quando erogano un prestito?
E la moneta da loro emessa è moneta legale?
Gli Stati dell'area Euro possono adottare un'altra moneta?
Il cosiddetto "bail in" è costituzionale?
Cos'è il reddito di cittadinanza?
Dove sta andando il capitalismo?
Cosa ne pensava Aristotele della moneta?
Questo testo affronta tali questioni con chiarezza e rigore, fornendo
risposte semplici in grado di soddisfare sia i lettori inesperti su tali
tematiche che gli addetti ai lavori. Si tratta di un'analisi condotta alla luce
della Giurisprudenza nonchè degli orientamenti delle massime autorità
monetarie nazionali ed europee, in grado di fornire un valido supporto
tecnico a chiunque si avvicini alla questione monetaria.

Altın Para Sistemi'nin temel özellikleri:  Ulusal paralar arasındaki değişim oranı, ilgili paraların altın değerine göre belirlenmektedir.  Döviz kurlarındaki değişmeler, altının bir ülkeden diğerine gönderilmesi için gerekli masrafların belirlediği altın ithal ve ihraç noktalarıyla sınırlandırılır.  Bu durumda iktisat politikasının temel amacı olan dış denkleşme, otomatik gelir ve fiyat mekanizması aracılığıyla sağlanmaktadır.  Altın Para Standardı gereği olarak ülkeler, bir dış dengesizliğin para arzı üzerindeki otomatik etkilerini önleme (kısırlaştırma) yoluna gidememektedir.

The chapter examines the foundational or sociogenic aspect of the gift, as suggested by an Anthropological tradition inaugurated by Mauss' The Gift. The aim is to investigate the possibility of applying this aspect of gifts to money and credit in their modern forms. Three ways to understand the term "gift" are examined in order to extract the deeper sense of the concept: as an unconditional transfer, as a system of distribution, and as "bringing into existence". Mauss' concept of "total social fact" is developed, showing the connection between the three senses of the gift, whereby the sociogenic character of this concept is revealed. The total social fact is a "fleeting instant" when society fills its collective life with sense. They are gift-giving ceremonies, with a foundational property: they found and reassert the meaning whereby interactions in a society occur, and by extension, its institutions. By exploring the foundational aspect of the total social fact, the chapter examines the hypothesis that at the outset and core of any society and institutional framework, there is a collective gesture of gift giving. The chapter concludes by questioning whether the sociogenic import of the gift may be identified in monetary economies. This includes a discussion of the French monetary institutionalists' conceptual framework of "monetary sovereignty" and of Richard Werner's experiment of credit as money issuance by private banks, indicating where the presence of gift-giving as "bringing into existence" and the total social fact can be spotted.

The falling use of cash and the advent of digital technologies support the possibility of reconfiguration of monetary transactions without any intermediation of physical monetary tokens. The introduction of electronic money, especially in the guise card-based technologies but also as pre-charged software enhanced the optimism for a quick passage to a cashless, even a moneyless society. Nonetheless the prognoses for the elimination of cash have proved wrong so far and it is rather electronic money that struggles for survival. This paper explains why the initial enthusiasm about electronic money is running of steam. After defining what electronic money is and analyzing the data about its penetration in different countries a series of reasons for its failure are offered; even in the case where e-money is considered a success, the success story is contested. The small importance of e-money in retail payments today suggests the possibility of a society with minimal use of cash but without e-money. This is a more appropriate context for engaging with the projects of Singapore’s Electronic Legal Tender and of the Single Euro Payment Area.

The following essay tracks a basic intellectual-historical trajectory running from Marx to Lukács to Adorno—from the section on commodity fetishism in Capital Vol. I, to the inauguration of the category of ‘reification’ in History and Class Consciousness, to Adorno’s critique of the critique of the concept in Negative Dialectics. The argument that follows will claim that Lukács’s emphasis on the overcoming of the ‘basic phenomenon of reification’ and the self-objectification of labour power in the realm of capitalist production leads to an emphasis on the category of alienation. He fails, however, to appreciate the implications of his own insight regarding its potentiation in the form of a ‘relation of a thing, of money, to itself.’ Moreover, he neglects the way in which, for Marx, when money and the commodity—both of which are merely two modes of appearance of the value-form—are considered together, value cannot be grasped as a static thing. “Those who consider the autonomization of value as a mere abstraction,” Marx writes, “forget that the movement of industrial capital is this abstraction in action.”

Since Kant’s subjective constitution of objectivity the concept ‘objectivity’ has been double coded. On the one hand, there is its objective side—the knowable side able to be synthesized in a relationship of identity with the subject because it has been constituted by it. On the other, is its thingly non-identical side—the object’s irreducible particularity unknowable by the subject. Adorno’s essential charge is that Lukacs philosophically conflates objectification (the former) and reification (the latter). This philosophical conflation informs his reading of Capital. “It is not only due to the economic themes of Das Kapital,” Adorno writes, “that the concept of self-alienation plays no part in it any more; it makes philosophical sense.” It is the potentiation of reification in the form of a single thing that is always already beyond the activity of individuals that Adorno emphasizes in his own formulation of the concept; or rather, that determines his critique of Lukacs’s critique of the concept. The essay that follows is concerned with the fundamental philosophical arguments determining Adorno’s critique.

This is the expanded, book-length version of a paper given at a Conference on Hegel, Marx and Global Crisis at the University of Warsaw, Poland, October 22-23, 2012. It is currently available from the AK Press, online catalog: https://www.akpress.org/rupturing-the-dialectic.html Consider this pdf version a "look inside the book" feature, better than that provided by Amazon.com.

Colophon: Arpita Banerjee. Usual disclaimers apply

This paper concentrates on the discourse of Chapters 3, 4, 5, 6 of Marx’s Capital, Vol. I to understand the metaphysical nature of money-sign, though frequent references are made to Grundrisse, Mathematical Manuscripts and other chapters of the book, Capital. Author (a) found the epistemic impact of the then scientific discourse in the Capital; (b) added a new variable N or ecological entitlement in the circuit of c-m-c`; (c) discussed the role of hyper-real and irreal in case of monetary economy. The paper headed towards the concept of moneyless society.

The aim of this thesis is to provide a holistic analysis and an economic understanding of Bitcoin, answering two key questions: (i) Why do bitcoins have value? (ii) Why and how will governments seek to regulate the use of bitcoin? To answer these questions, the thesis begins with a discussion of money itself, developing a framework of different types of monies in terms of their uses and properties that will form the basis of the analysis. Based on the technical properties of Bitcoin the framework developed above is then applied to identify bitcoin as a digital commodity money. Following this identification, potential uses of bitcoin supporting its value will be discussed, drawing particular attention to Bitcoin s resilience to regulation. In addition, real world examples of other commodity monies will be used to support the claim that bitcoin may circulate without use value and state backing. Governments tend to seek economic control through controlling money, and it will be argued that there are good reasons to expect governments to be hostile towards widespread use of bitcoin. This is to be expected, as use of bitcoin undermines governments capacity to control money.

Digital Currency (DC) is a form of currency that is available in digital or electronic form and not in physical form. Digitalization has remodeled money and payments systems. Although digital money itself is not new to modern economies, digital currencies now facilitate spontaneous peer-to-peer transfers of value in a way that was formerly impossible. Digital currency has already materialized in a variety of contexts. Digital Currency is an extent put away in a dispersed database on the Internet. This study is toted with the objective to highlight the concept of digital currency, its various forms, evolution and growth, global impact, impact during COVID-19 and the future of digital currency. This is an historical descriptive study which flashes the opinions given by distinctive researchers and disparate financial consultants and central banks.

The 2007 global financial crisis fueled critical scholarship on the geographies of finance, money, credit and debt. This research led to calls for clarifying and demystifying modern money and credit to better understand the proliferation of debt, austerity, and inequality within the contemporary nexus of capitalist class relations, and the broader imperative of managing global economic growth and crises under financialization. This article contributes to demys-tifying modern money by outlining two prominent historical-theoretical narratives of money: commodity-money and credit-money. These monetary narratives in turn reflect the dialectical imperatives of capitalist social relations, especially capital/labor conflicts, but also the congealing relations between finance capital and the state. Critical analysis demonstrates that both these contradictory monetary narratives are manifest within the institutional design and policies of the U.S. monetary system. This monetary framework is institu-tionalized through a monetary geography of power that operates through the hegemonic networks of the U.S. Federal Reserve System. This is demonstrated by incorporating the credit-money account into a Marxian framework, which is employed at the national scale to analyze the functional contradictions, history and institutional structure of the U.S. monetary system. The competing money narratives, explicit within the functional design of the Fed System itself, reflect the capitalist state's attempt to reconcile competing social agendas between capital and labor. The mystified monetary fictions underlying monetary authority obscure the political power of commodity-money and the bond/financial markets and class interests they serve, as well as mask the reality and progressive fiscal possibilities of the U.S. Federal Reserve credit-money system.